Hud Homes Info

What is a HUD Home?

A HUD home is a 1-to-4 unit residential property acquired by HUD as a
result of a foreclosure action on an FHA-insured mortgage. HUD becomes
the property owner and offers it for sale to recover the loss on the
foreclosure claim.

The
following information is provided to as an introduction to the process
through which HUD homes can be purchased. You can either scroll down the
page, or access specific topics through the following topic menu.
Additional links provided in the menu to the right provide access to FHA
program and policy information for homeowners, homebuyers, and members
of the mortgage lending and real estate industries.

Who Can Buy a HUD Home?

Almost
anyone! If you have the cash or can qualify for a loan (subject to
certain restrictions) you may buy a HUD Home. HUD Homes are initially
offered to owner-occupant purchasers (people who are buying the home as
their primary residence). Following the priority period for owner
occupants, unsold properties are available to all buyers, including
investors.

What About Financing?

HUD does not
provide direct financing to buyers of HUD Homes. Buyers must obtain
financing through either their own cash reserves or a mortgage
lender. If you have the necessary available cash or can qualify for a
loan (subject to certain restrictions) you may buy a HUD Home. While HUD
does not provide direct financing for the purchase of a HUD Home, it
may be possible for you to qualify for an FHA mortgage to finance the
purchase.

Where Can I Learn About Available HUD Properties?

Any single
family property acquired by HUD FHA will display a sign identifying who
is managing the property before it is listed for sale. During this time
the property is appraised, title issues are resolved, if necessary, and a
determination is made about the property's eligibility for HUD's
Discount Sales programs. Property listings are posted on HUDhomestore.
For more information, contact us for properties in the states of
California 949-630-0650 or Nevada 702-749-5929.